to be debited to P & L A/cLLUSTRATIONPofit and Loss Account of M/s Raju & CompanyGeneral ExpensesFire Insurance Premium7,0002,0001,00065,00022,25012,5002,0001,0002,000Gross ProfitBad debts, recoveredbut disallowcd earlierInterest from Govt.SecuritiesRent received from employcesInterest from debtors fordelayed payment1,40,000Bad debtsolariesAdvortisement (in cash)Proprietor's salaryaerest on capital4,0004,00012,000Income-tax6,000DepreciationSales-tax (due)Advance income-tax paidDonationsMotor car expensesMunicipal taxes of quarterslet to amployeesNot profit5,0001,0005007505,00039,0001,66,0001.66,000General expenses include 4.000 paid as compensation to an old employee whose services wereminsted in the interest of the business and 2,200 by way of help to a poor student. Depreciationalgulated according to the rates comes to 2.900. Sales tax was paid on 1-5-2015. Date of filing ofcturn is 31-7-2015.50% of Motor-car expenses are for proprietor's personal use.Compute business income,

Business income is computed after considering the expenditure that is incurred on the business and…

ILLUSTRATION Pofit and Loss Account of M/s Raju & Conmpany Gencral Expenses re Insurance Premium 7,000 2,000 1,000 65,000 22,250 12,500 2,000 Gross Profit Bad debts, recovered but disallowed carlier Interest from Govt. Securities Rent received from employces Interest from debtors for delayed payment 1,40,000 Bad debts Solaries Advortisement (in cash) Proprietor's salary crest on capital Encome-tax Depreciation ales-tax (due) advance income-tax paid Donations Mocor car expenses unicipal taxes of quarters let to amployees et profit 4,000 4,000 12,000 1,000 2,000 5,000 1,000 500 750 6,000 5,000 39,000 1,66,000 1.66,000 General expenses include 4.000 paid as compensation to an old employee whose services were minsted in the interest of the business and 2,200 by way of help to a poor student. Depreciation solated according to the rates comes to 2.900. Sales tax was paid on 1-5-2015 Date of filing of rn is 31-7-2015. 50% of Motor-car expenses are for proprietor's personal use. Compute business income

ILLUSTRATION Pofit and Loss Account of M/s Raju & Conmpany Gencral Expenses re Insurance Premium 7,000 2,000 1,000 65,000 22,250 12,500 2,000 Gross Profit Bad debts, recovered but disallowed carlier Interest from Govt. Securities Rent received from employces Interest from debtors for delayed payment 1,40,000 Bad debts Solaries Advortisement (in cash) Proprietor's salary crest on capital Encome-tax Depreciation ales-tax (due) advance income-tax paid Donations Mocor car expenses unicipal taxes of quarters let to amployees et profit 4,000 4,000 12,000 1,000 2,000 5,000 1,000 500 750 6,000 5,000 39,000 1,66,000 1.66,000 General expenses include 4.000 paid as compensation to an old employee whose services were minsted in the interest of the business and 2,200 by way of help to a poor student. Depreciation solated according to the rates comes to 2.900. Sales tax was paid on 1-5-2015 Date of filing of rn is 31-7-2015. 50% of Motor-car expenses are for proprietor's personal use. Compute business income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A r Duilding G Cash Y H Z 1 Depreciation Expense AA J Dividends BB K Equipment EE L Federal Income Tax Withheld Payable FF M Federal Unemployment Taxes Payable GG N FICA Taxes Payable HH O Income Summary II P Income Taxes Payable JJ Q Interest Expense KK R Interest Payable LL S Land MM T Land Improvement NN Unearned Rent Revenue Cost of Goods Sold INOLES Payable Payroll Tax Expense Rent Revenue Example of Answer: G3000D B2000D GG5000C Retained Earnings Salaries and Wages Expense Sales Sales Returns Service Revenues Sales Taxes Payable Shipping Expense State Income Tax Withheld Payable State Unemployment Taxes Payable Supplies Tax Expense Where each box represents a journal entry line. In the first box, G denotes Cash account, 3000 is the amount, D stands for debit. In the second box: B denotes Accounts Receivable account, 2000 is the amount, D stands for debit. And in third box: GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in the capital.…
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